Watch What You Give Them
Daniel is trying to settle with one of his collectors. The collector is asking for a lot of information he doesn't feel comfortable providing. He has the money to settle. Dave has a plan that he thinks should work.
QUESTION: Daniel in Detroit is in the middle of his debt snowball. He’s trying to settle with one of the collectors, and owes them $9,000 and wants to offer $3,000 that he has now. The collector is asking for a lot of information he doesn’t feel comfortable providing. He has the money to settle. Dave has a plan that he thinks should work for Daniel.
ANSWER: A lot of times, what they’re doing is just gathering up information so they can sue you. I’m not interested in providing them with all that information. I would just offer them the $3,000 and tell them that your financial coach told you to not provide a bunch of information to them.
You offer them $3,000 and if they want to settle this debt, you can settle it today. If they don’t, they can call you back when they want to talk. But you don’t need to fill out a bunch of stuff that enables them to more thoroughly sue you. If they want to take $3,000, that’s the offer on the table. But you don’t provide them with bank account information and lawyer information and a bunch of contact pieces.